SEC emphasizes AML measures for low-priced securities in omnibus accounts
Crypto Briefing
The SEC is reinforcing AML requirements for financial institutions trading low-priced securities in omnibus accounts.Summary
The SEC has reinforced anti-money laundering (AML) requirements for financial institutions that handle low-priced securities within omnibus accounts. This heightened focus is driven by concerns over money laundering risks associated with complex, layered offshore accounts and nested financial relationships. Consequently, institutions must enhance their risk assessments for these transactions, particularly when foreign intermediaries are involved, necessitating enhanced due diligence to meet ongoing regulatory expectations for broker-dealers.
(Source：Crypto Briefing)